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CTZ Elliott Wave Pro (based on LuxAlgo)
Elliott Wave Pro (based on LuxAlgo)
CREDIT
This script is built on "Elliott Wave [LuxAlgo]" by LuxAlgo. Full credit to LuxAlgo for the original concept and code structure.
Original script: [paste link to LuxAlgo's Elliott Wave script]
Shared under the same Creative Commons Attribution-NonCommercial-ShareAlike 4.0 licence (CC BY-NC-SA 4.0) as the original.
OVERVIEW
Elliott Wave Pro automatically detects 5-wave impulses and ABC corrections across three wave degrees at once, then tells you where the market is in the count, what the next targets are, and exactly where the count is invalidated.
It keeps the multi-degree zigzag approach of the original and adds stricter wave validation, a (5) confirmation system, live Fibonacci projections, correction classification and a status dashboard.
HOW IT WORKS
Pivots are found on three zigzag lengths (Minor, Intermediate, Primary). An optional ATR filter ignores swings smaller than a set multiple of ATR to reduce noise.
Each new 6-point sequence is tested against the hard Elliott rules:
- Wave 2 never retraces beyond the start of wave 1
- Wave 3 is never the shortest of waves 1, 3 and 5
- Wave 4 never overlaps wave 1
- Waves 3 and 5 extend beyond the ends of waves 1 and 3
In Strict mode, guideline ratios are also required: wave 2 retrace range, minimum wave 3 length, and maximum wave 4 retrace (all adjustable).
FIB CONFLUENCE SCORE
Every impulse is scored 0–100% on how closely its waves match common Fibonacci relationships:
- W2 ≈ 0.5 / 0.618 of W1
- W3 ≈ 1.618 / 2.618 of W1
- W4 ≈ 0.236 / 0.382 of W3
- W5 ≈ 0.618 / 1.0 of W1
Hover the (5) label to see the exact ratios.
WAVE (5) CONFIRMATION
A completed (5) is drawn faded with a dashed final leg until it is confirmed. It is confirmed when price pulls back a set fraction of the whole impulse (default 0.236) or when a valid ABC forms. Once confirmed, it turns solid.
While unconfirmed, if price makes a new high (or low for bearish counts), the (5) snaps to the new extreme and the ratios and score are recalculated.
LIVE PROJECTIONS
On the latest bar each degree shows its current state with targets and an invalidation line:
- Wave 3 setup: W3 targets at 1.0 / 1.618 / 2.618 × W1
- Wave 4 in progress: retracement zones at 0.236 / 0.382 / 0.5 of W3
- Wave 5 in progress: targets at 0.618 × W1, 1.0 × W1 and 0.618 × (0→3), plus a cap when W3 is shorter than W1
- Impulse complete: retracement levels of the whole impulse with the 0.5–0.618 zone shaded
- Wave B / Wave C forming: B retracements and C targets at 0.618 / 1.0 / 1.618 × A
ABC CORRECTIONS
Corrections after an impulse are drawn with a zone box and classified as Zigzag or Flat, with the C/A ratio shown.
SIGNALS
- Trend resumption: a triangle prints when price breaks the B point after a completed ABC
- Impulse invalidation: the count is faded if price fully retraces the impulse
STATUS TABLE
One row per degree showing current state, key detail (score, ratios or confirmation level) and invalidation price. Position and edge gap are adjustable.
ALERTS
Create an alert on the indicator with "Any alert() function call". Alerts include ticker, timeframe, degree and price for:
new impulse, (5) snapped, (5) confirmed, ABC formed, ABC invalidated, impulse invalidated and trend resumption.
KEY SETTINGS
- Source & filter: high/low source, ATR length, minimum swing size
- Wave degrees: enable, length, colour and label notation for each degree
- Wave rules: Classic or Strict, guideline ratios, ABC maximum retrace, fib match tolerance
- Wave (5) confirmation: retrace required, faded transparency
- Levels & projections: retracement levels, projection toggle and length
- Display: waves kept, signals, table position and gap, label stacking and size
CHANGES FROM THE ORIGINAL
Fixes: low-source input bug, waves evaluated on pivots not added to the zigzag, conditionally called cross functions, mislabelled bearish alert, junk waves on early bars, label budget overflow, unbounded history loop.
Additions: everything listed above.
NOTES
Pivots confirm one bar after they form, so the most recent swing can still change. Elliott Wave counts are interpretive. Use the invalidation levels and your own analysis, and treat this as a tool, not a signal service.
This script is for educational purposes only and is not financial advice.
CREDIT
This script is built on "Elliott Wave [LuxAlgo]" by LuxAlgo. Full credit to LuxAlgo for the original concept and code structure.
Original script: [paste link to LuxAlgo's Elliott Wave script]
Shared under the same Creative Commons Attribution-NonCommercial-ShareAlike 4.0 licence (CC BY-NC-SA 4.0) as the original.
OVERVIEW
Elliott Wave Pro automatically detects 5-wave impulses and ABC corrections across three wave degrees at once, then tells you where the market is in the count, what the next targets are, and exactly where the count is invalidated.
It keeps the multi-degree zigzag approach of the original and adds stricter wave validation, a (5) confirmation system, live Fibonacci projections, correction classification and a status dashboard.
HOW IT WORKS
Pivots are found on three zigzag lengths (Minor, Intermediate, Primary). An optional ATR filter ignores swings smaller than a set multiple of ATR to reduce noise.
Each new 6-point sequence is tested against the hard Elliott rules:
- Wave 2 never retraces beyond the start of wave 1
- Wave 3 is never the shortest of waves 1, 3 and 5
- Wave 4 never overlaps wave 1
- Waves 3 and 5 extend beyond the ends of waves 1 and 3
In Strict mode, guideline ratios are also required: wave 2 retrace range, minimum wave 3 length, and maximum wave 4 retrace (all adjustable).
FIB CONFLUENCE SCORE
Every impulse is scored 0–100% on how closely its waves match common Fibonacci relationships:
- W2 ≈ 0.5 / 0.618 of W1
- W3 ≈ 1.618 / 2.618 of W1
- W4 ≈ 0.236 / 0.382 of W3
- W5 ≈ 0.618 / 1.0 of W1
Hover the (5) label to see the exact ratios.
WAVE (5) CONFIRMATION
A completed (5) is drawn faded with a dashed final leg until it is confirmed. It is confirmed when price pulls back a set fraction of the whole impulse (default 0.236) or when a valid ABC forms. Once confirmed, it turns solid.
While unconfirmed, if price makes a new high (or low for bearish counts), the (5) snaps to the new extreme and the ratios and score are recalculated.
LIVE PROJECTIONS
On the latest bar each degree shows its current state with targets and an invalidation line:
- Wave 3 setup: W3 targets at 1.0 / 1.618 / 2.618 × W1
- Wave 4 in progress: retracement zones at 0.236 / 0.382 / 0.5 of W3
- Wave 5 in progress: targets at 0.618 × W1, 1.0 × W1 and 0.618 × (0→3), plus a cap when W3 is shorter than W1
- Impulse complete: retracement levels of the whole impulse with the 0.5–0.618 zone shaded
- Wave B / Wave C forming: B retracements and C targets at 0.618 / 1.0 / 1.618 × A
ABC CORRECTIONS
Corrections after an impulse are drawn with a zone box and classified as Zigzag or Flat, with the C/A ratio shown.
SIGNALS
- Trend resumption: a triangle prints when price breaks the B point after a completed ABC
- Impulse invalidation: the count is faded if price fully retraces the impulse
STATUS TABLE
One row per degree showing current state, key detail (score, ratios or confirmation level) and invalidation price. Position and edge gap are adjustable.
ALERTS
Create an alert on the indicator with "Any alert() function call". Alerts include ticker, timeframe, degree and price for:
new impulse, (5) snapped, (5) confirmed, ABC formed, ABC invalidated, impulse invalidated and trend resumption.
KEY SETTINGS
- Source & filter: high/low source, ATR length, minimum swing size
- Wave degrees: enable, length, colour and label notation for each degree
- Wave rules: Classic or Strict, guideline ratios, ABC maximum retrace, fib match tolerance
- Wave (5) confirmation: retrace required, faded transparency
- Levels & projections: retracement levels, projection toggle and length
- Display: waves kept, signals, table position and gap, label stacking and size
CHANGES FROM THE ORIGINAL
Fixes: low-source input bug, waves evaluated on pivots not added to the zigzag, conditionally called cross functions, mislabelled bearish alert, junk waves on early bars, label budget overflow, unbounded history loop.
Additions: everything listed above.
NOTES
Pivots confirm one bar after they form, so the most recent swing can still change. Elliott Wave counts are interpretive. Use the invalidation levels and your own analysis, and treat this as a tool, not a signal service.
This script is for educational purposes only and is not financial advice.
Phát hành các Ghi chú
Elliott Wave Pro (based on LuxAlgo) — V8CREDIT
This script is built on "Elliott Wave [LuxAlgo]" by LuxAlgo. Full credit to LuxAlgo for the original concept and code structure.
Original script: [paste link to LuxAlgo's Elliott Wave script]
Shared under the same Creative Commons Attribution-NonCommercial-ShareAlike 4.0 licence (CC BY-NC-SA 4.0) as the original.
OVERVIEW
Elliott Wave Pro automatically detects 5-wave impulses and ABC corrections across three wave degrees at once. It then shows where the market is in the count, the next Fibonacci targets, whether momentum confirms the count, and exactly where the count is invalidated.
It keeps the multi-degree zigzag approach of the original and adds stricter wave validation, a wave (5) confirmation system, an Awesome Oscillator divergence check, live projections, correction classification and a status dashboard. Written in Pine Script v6.
HOW IT WORKS
Pivots are detected on three zigzag lengths: Minor, Intermediate and Primary. An optional ATR filter ignores swings smaller than a set multiple of ATR to reduce noise.
Every new 6-point sequence is tested against the hard Elliott rules:
- Wave 2 never retraces beyond the start of wave 1
- Wave 3 is never the shortest of waves 1, 3 and 5
- Wave 4 never overlaps wave 1
- Waves 3 and 5 extend beyond the ends of waves 1 and 3
In Strict mode, guideline ratios are also required: wave 2 retracement range, minimum wave 3 length and maximum wave 4 retracement. All are adjustable. Classic mode uses the hard rules only.
FIB CONFLUENCE SCORE
Each impulse is scored 0–100% on how closely its waves match common Fibonacci relationships:
- W2 ≈ 0.5 / 0.618 of W1
- W3 ≈ 1.618 / 2.618 of W1
- W4 ≈ 0.236 / 0.382 of W3
- W5 ≈ 0.618 / 1.0 of W1
Hover the (5) label to see the exact ratios.
WAVE (5) CONFIRMATION
A completed (5) is drawn faded, with a dashed final leg, until it is confirmed. It confirms when price pulls back a set fraction of the whole impulse (default 0.236) or when a valid ABC forms. Once confirmed, the label and leg turn solid.
While unconfirmed, if price makes a new high (or new low for bearish counts), the (5) snaps to the new extreme and the ratios, score and divergence are recalculated. It will not snap if a pullback has broken the wave (4) extreme, or after an ABC has completed. Those cases indicate a new structure.
OSCILLATOR DIVERGENCE (DASHBOARD)
The dashboard compares the Awesome Oscillator peak during wave 5 with the peak during wave 3, following the classic Elliott Wave Oscillator principle: wave 3 carries the strongest momentum, and wave 5 makes a higher price extreme on weaker momentum.
- Green "✓ Divergence · xx%": the wave 5 AO peak is lower than wave 3's. The % shows wave 5's peak as a share of wave 3's.
- Red "✗ No divergence": wave 5 momentum equals or exceeds wave 3. The count is suspect, or the move may be a wave 3 of a larger degree.
- While wave 5 is still forming, the check activates once price moves beyond the wave 3 extreme ("Div so far" / "No div").
Because the AO lags price, each wave's window runs until the next wave begins, so a peak that arrives a few bars after the price extreme is still captured. Hover the cell to see the raw AO peaks and the bar ranges scanned.
The AO fast/slow lengths, source and MA type (SMA/EMA) are adjustable so the dashboard can match your own oscillator settings. The check affects the dashboard only, not the wave drawing.
LIVE PROJECTIONS
On the latest bar, each degree shows its current state with targets and a red invalidation line:
- Wave 3 setup: W3 targets at 1.0 / 1.618 / 2.618 × W1
- Wave 4 in progress: retracement zones at 0.236 / 0.382 / 0.5 of W3
- Wave 5 in progress: targets at 0.618 × W1, 1.0 × W1 and 0.618 × (0→3), plus a cap when W3 is shorter than W1
- Impulse complete: retracement levels of the whole impulse, with the 0.5–0.618 zone shaded. Faded while the (5) is unconfirmed; red dotted if price breaks the deepest level
- Wave B / Wave C forming: B retracements, C targets at 0.618 / 1.0 / 1.618 × A, and the ABC limit
ABC CORRECTIONS
Corrections after an impulse are drawn with a zone box and classified as Zigzag or Flat, with the C/A ratio shown.
SIGNALS
- Trend resumption: a triangle prints when price breaks the B point after a completed ABC
- Impulse invalidation: the count is faded if price fully retraces the impulse
STATUS DASHBOARD
One row per degree:
- State: scanning, wave 3 setup, wave 4 / wave 5 in progress, impulse unconfirmed / confirmed, wave B / C forming, ABC complete, trend resumed
- Detail: fib score, key ratios or the (5) confirmation level
- Oscillator: green / red divergence label
- Invalidation: the price that voids the current count
The table position and edge gap are adjustable so it stays clear of the chart legend and TradingView's icons.
LABELS
Each degree has its own notation: (1), 1, i or [1]. Labels sit directly on their pivots and only offset when another degree labels the same swing. Label size is adjustable.
ALERTS
Create an alert on the indicator with "Any alert() function call". Alerts include ticker, timeframe, degree and price for:
new impulse, (5) snapped, (5) confirmed, ABC formed, ABC invalidated, impulse invalidated and trend resumption.
KEY SETTINGS
- Source & filter: high/low source, ATR length, minimum swing size, show zigzag
- Wave degrees: enable, length, colour and notation per degree
- Wave rules: Classic or Strict, guideline ratios, ABC maximum retrace, fib match tolerance
- Wave (5) confirmation: retrace required, unconfirmed transparency
- Oscillator (dashboard only): AO fast/slow, source, MA type
- Levels & projections: retracement levels, projections toggle and length
- Display: waves kept, signals, table position and edge gap, label stacking and size
CHANGES FROM THE ORIGINAL
Fixes: low-source input bug; waves evaluated on pivots that never entered the zigzag; conditionally called cross functions; mislabelled bearish alert; junk waves on early bars; label budget overflow; unbounded history loop.
Additions: everything described above, and conversion to Pine Script v6.
HOW TO USE IT
1. Read the dashboard for the degree you trade.
2. A (5) with green divergence is a strong candidate for a completed impulse. Wait for the price confirmation (the (5) turning solid) before treating the move as finished.
3. Use the retracement zone and C targets to plan around the correction, and the invalidation price to know when the count is wrong.
4. Red divergence, or a (5) that keeps snapping higher, means the trend may not be done.
NOTES
Pivots confirm one bar after they form, so the most recent swing can still change. Elliott Wave counts are interpretive; always combine them with your own analysis and risk management.
This script is for educational purposes only and is not financial advice.
Phát hành các Ghi chú
UPDATE — V9: Elliott Wave Forecast-style toolsCredit: built on "Elliott Wave [LuxAlgo]" by LuxAlgo, shared under CC BY-NC-SA 4.0.
NEW
1) Reaction zone for wave C
While wave C is forming, a shaded zone is drawn from the B point between equal legs (C = 1.0 × A) and C = 1.618 × A — the area where wave C most often completes.
- The Detail column shows the zone range, then "IN ZONE" when price enters it
- An alert fires when price enters the zone
- After C completes, the dashboard reports "C in zone ✓" or "C outside zone"
- Colour and on/off in the new "Reaction zone & sequences" settings group
2) Swing sequence count
A new Swings column counts zigzag swings from the last major extreme for each degree:
- 3 / 7 / 11 swings = corrective sequence
- 5 / 9 / 13 swings = impulsive sequence
- Any other count = incomplete, with the next expected count shown (e.g. "↑ 6 · incomplete → 7")
This helps judge whether a move looks finished even when it doesn't print a textbook 1-2-3-4-5. The zigzag now stores 16 points so sequences up to 13 swings can be counted.
3) Extended Fibonacci targets
- The fib confluence score now also rewards deep wave 2 retracements (0.764 and 0.854 of W1) and shallow wave 4 retracements (0.146 of W3)
- Wave 4 projection levels are now 0.146 / 0.236 / 0.382 of wave 3
4) Equal legs
The C = A target is now drawn as a solid, thicker line labelled "Equal legs (C = A)".
DASHBOARD
Columns are now: Degree · State · Detail · Swings · Oscillator · Invalidation.
UNCHANGED
Wave detection, labels, (5) confirmation, the oscillator divergence check and all existing alerts work exactly as before.
This script is for educational purposes only and is not financial advice.
Phát hành các Ghi chú
UPDATE — V9: Elliott Wave Forecast-style toolsCredit: built on "Elliott Wave [LuxAlgo]" by LuxAlgo, shared under CC BY-NC-SA 4.0.
NEW
1) Reaction zone for wave C
While wave C is forming, a shaded zone is drawn from the B point between equal legs (C = 1.0 × A) and C = 1.618 × A — the area where wave C most often completes.
- The Detail column shows the zone range, then "IN ZONE" when price enters it
- An alert fires when price enters the zone
- After C completes, the dashboard reports "C in zone ✓" or "C outside zone"
- Colour and on/off in the new "Reaction zone & sequences" settings group
2) Swing sequence count
A new Swings column counts zigzag swings from the last major extreme for each degree:
- 3 / 7 / 11 swings = corrective sequence
- 5 / 9 / 13 swings = impulsive sequence
- Any other count = incomplete, with the next expected count shown (e.g. "↑ 6 · incomplete → 7")
This helps judge whether a move looks finished even when it doesn't print a textbook 1-2-3-4-5. The zigzag now stores 16 points so sequences up to 13 swings can be counted.
3) Extended Fibonacci targets
- The fib confluence score now also rewards deep wave 2 retracements (0.764 and 0.854 of W1) and shallow wave 4 retracements (0.146 of W3)
- Wave 4 projection levels are now 0.146 / 0.236 / 0.382 of wave 3
4) Equal legs
The C = A target is now drawn as a solid, thicker line labelled "Equal legs (C = A)".
DASHBOARD
Columns are now: Degree · State · Detail · Swings · Oscillator · Invalidation.
UNCHANGED
Wave detection, labels, (5) confirmation, the oscillator divergence check and all existing alerts work exactly as before.
This script is for educational purposes only and is not financial advice.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.